#MarketRebound MicroStrategy Proposes Significantly Increasing Number of Shares to Buy More Bitcoin
The company is seeking shareholder approval to raise its Class A common shares from 330 million to 10.33 billion and its preferred shares from 5 million to 1.005 billion
MicroStrategy’s commitment to Bitcoin began in 2020 when co-founder Michael Saylor declared the cryptocurrency as the company’s primary treasury asset.
Earlier this week, Saylor announced the acquisition of 5,262 additional Bitcoin for $561 million, bringing the company’s total holdings to 444,262 BTC, valued at over $41.6 billion.
Despite its growing Bitcoin portfolio, MicroStrategy’s stock fell 8.78% on Monday, closing at $332.23.
The stock has lost 17.6% in the past month but has seen a remarkable 450% growth over the past year. Meanwhile, Bitcoin’s price dipped 1.6% in the last 24 hours to $93,932.